On the afternoon of February 24 in Hanoi, during a working session with the Central Committee for Policy and Strategy on tasks in the coming time, General Secretary To Lam once again emphasized the requirement: "Do not be slow, do not miss opportunities, do not create gaps or gaps with new financial forms as well as modern transaction methods".
Currently, cryptocurrency - although not recognized by Vietnamese law and there are no clear legal regulations on issuance, purchase, sale, and exchange - is still existing and developing vibrantly.
A report from the cryptocurrency payment portal Tripple-A shows that Vietnam ranks 2nd in the world in terms of the rate of people owning digital currency (digital currency), just after the UAE.
Meanwhile, the Vietnam Blockchain Association estimates that our country is in the group of 3 countries with the highest digital currency profits globally.
This figure both reflects potential and shows the reality: digital currency is being used as a form of virtual asset, a means of payment "hiding" or "illegally", causing the State to lose tax collection and lack risk control tools.
Our lack of a legal framework for digital currency has unintentionally created loopholes for many fraudulent acts, "goosebumps", and the possibility of "money laundering" with digital currency. This not only causes financial losses to the people, but also seriously affects the reputation of the national investment environment.
Recently, in the draft Resolution of the National Assembly on the establishment and operation of the Financial Center in Vietnam, policies on cryptocurrency assets, the establishment of specialized exchanges, transactions using cryptocurrency assets, cryptocurrency in the Financial Center... have also been mentioned.
That is a positive sign that policymakers are gradually taking action to build a legal foundation for digital currency.
However, the "door" still needs to be expanded, faster, and more drastically if we want to "not create gaps or gaps with new financial forms as well as modern transaction methods" as directed by General Secretary To Lam.
In the world, many countries have been gradually putting digital money into official management, from recognizing Bitcoin as a legal payment method to establishing frameworks for monitoring and taxing digital transactions.
Vietnam cannot stay outside this trend.
Digital currency management is not just about controlling tax risks or losses. It is also related to taking advantage of the development potential ofblockchain technology, promoting innovation, encouraging foreign investment and enhancing the national position in the digital economy.
A transparent and stable legal framework not only protects people and businesses, but also helps state management proactively control risks, increase tax revenue, and avoid floating outside the law.
